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Several Dimensions of Innovation, Technology and Industry 4.0

Edited By Fatih Ayhan

With the development of the industry, both social lives and economies have been significantly affected. Together with the Industry 4.0 revolution, significant changes have occurred in both the social life and the production process. As a result, different sectors are affected by this change. With this book, successful researches have been carried out by expert academics in a wide range of fields from finance to marketing and tourism to foreign trade, etc.

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1.1 The Conceptual Framework of the Industry 4.0 Revolution

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Ramazan Kaya

1.1   The Conceptual Framework of the Industry 4.0 Revolution

Abstract: Humanity has undergone important historical phases to see the level of productivity that the industry has reached today. In the first industrial revolutions, steam-powered mechanical production facilities were developed. In the second, mass production was realized as a result of the use of electricity in mechanical production facilities. The third stage, automation in production was realized due to the development in electronics and information technology. The developments in information and communication technologies as a result of these three industrial revolutions brought forth Industry 4.0, a new revolution in production in the early 21st century. Industry 4.0 refers to the system in which new production technologies, automation systems and technologies of this system are integrated by exchanging data with each other. In this study, after a brief account of Industry 4.0, the main components of Industry 4.0 are discussed. Then, the design principles that guide the Industry 4.0 applications are explained. Finally, information about the advantages and potential challenges of Industry 4.0 are highlighted. Although Industry 4.0 is very popular, there has not been enough systematic and comprehensive research on the subject. Therefore, the issue has not yet been fully understood by vast majority. This study is aimed to contribute to the further understanding of the subject for those interested.

Keywords: Industrial Revolutions, Industry 4.0, Industry 4.0 – Basic Components, Industry 4.0 – Design Principles, Industry 4.0 – Advantages and Challenges

JEL Codes: M10,...

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